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5 Reasons the Hybrid Cloud Compliance Model Simplifies Brazil Nota Fiscal Version 3.1 Transition (Part 4 of 6)

Hybrid Cloud Model Streamlines Compliance Process and Frees Finance and Technical Staff On-premise compliance solutions require multiple staff positions to maintain internally, taking away valuable resources that could be focused on business innovation. Effective compliance requires input from sales and distribution, materials management, FICO analysts, business users, middleware architects, subject matter experts and ABAP developers. […]

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Sales Tax Issues before the Supreme Court

District Court Injunction against Colorado Allowed to Stand On March 3, 2015 the United States Supreme Court announced its decision in Direct Marketing Association v. Brohl (575 U.S. (2015).  In this case, a trade association for retailers challenged legislation enacted by the state of Colorado in 2010 that required sellers that do not have a […]

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Peru Mandates for E-Invoicing: Don’t Forget the Readiness Declaration & Libros Reports

With Peru’s latest round of electronic invoicing mandates set to take effect in only a few short months, it is important to understand that your solution selection criteria should include more than e-invoice connectivity. If you don’t understand how you will meet the certification process as well as how you will manage issues related to […]

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Mexico SAT extends Contabilidad Electronica Deadline – Key Takeaways

Note: This blog has been updated as of April 3, 2015 with important information regarding Mexico eContabilidad.  Once again the Mexico SAT announced a delay on the initial filings for Contabilidad Electronica until April 30th (Chart of Accounts and Trial Balances) and September 3rd  for Polizas (Journal Entries).  Since there have been lots of questions […]

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Update to Puerto Rico VAT Legislation

*** Update on Puerto Rico Tax Reform Measures, April 30, 2015 ** The latest tax reform measure in Puerto Rico, known as the CoBYS (Tax on Goods and Services) failed to pass the House of Representatives—the first step needed to enact the law.  CoBYS replaced the previously proposed  VAT measure (known as IVA in PR) […]

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Update: EU Court Rules E-Books Are Services, Not Goods

Printed Books vs. E-books in France and Luxembourg: European Commission Cries Unfair Advantage in Violation of the EU VAT Directive – Update to previous post. Update  3/5/2015 Taxware, a Sovos Compliance Company (“Sovos”) has continued to monitor this issue very closely and would like to report on some major developments since our last blog posting. First, […]

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Peru SUNAT 2015 – Checklist of Mandates

Peru’s government (SUNAT) is putting time sensitive mandates into effect this year for multinational companies.   Below is a comprehensive checklist of all mandates for this year in Peru:     Libros Reporting: As of 2016, companies that did more than 3000 UIT (~4,000,000 USD) of revenue in 2014 must file  This is requirement is […]

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Bahamas selects Convey and EY to implement FATCA strategy

The Bahamas Finance Ministry has selected Convey Compliance (now a Sovos Compliance Company) and EY (Ernst & Young) to work in conjunction to put the country’s solution for the Foreign Account Tax Compliance Act (FATCA) in place. The two companies will work with the Finance Ministry to create a secure process for submitting tax information for […]

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Sovos Compliance – What’s In Our New Name?

We have a new name!  As many of you already know, last year, Convey, Taxware and VAT Resource came together as one organization. We now have a new corporate name: Sovos Compliance. This new name represents a broader vision and scope for the combined business. The name Sovos is inspired by the roots of Greek words, […]

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5 Reasons the Hybrid Cloud Compliance Model Simplifies Brazil Nota Fiscal Version 3.1 Transition (Part 3 of 6)

Hybrid Cloud Solutions Provide Real-Time Day-to-Day Support In the third part of our series examining how the transition to Brazil Nota Fiscal Version 3.1 can be simplified using a hybrid cloud compliance model, let’s review how managed services offer economies of scale to reduce annual support costs.  On-premise solutions force you to monitor, design and […]

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Upgrading Brazil Nota Fiscal 2015: Is your business at risk?

Shipping Issues and Audit Risks now back to 2009 are key areas of potential business impact Companies over the last 6 months have been working diligently on upgrading Brazil Nota Fiscal environments to version 3.1. And while the IT projects is almost over, the business impact has yet to begin.  Are you at risk of not […]

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Erroneous forms indicate need for diligence in ACA reporting

Even in the initial years of a new tax information reporting requirement, filers hope to meet their obligations with as few errors as possible. However, one Affordable Care Act (ACA) health care exchange made a large mistake in sending 100,000 incorrect 1095-A forms, The Los Angeles Times reported. The error lies in a discrepancy for […]

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5 Reasons the Hybrid Cloud Compliance Model Simplifies Brazil Nota Fiscal Implementations (Part 2 of 6)

The Hybrid Cloud Compliance Model Eliminates Failure Points and the Need for Constant Monitors As we continue to examine the benefits of leveraging a hybrid cloud model for Latin American e-invoicing compliance in preparation for the transition to Nota Fiscal (NFe) Version 3.1, let’s take a look at the traditional failure points that can be […]

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IRS publishes new Form 1099-R and accompanying instructions

The IRS has posted the latest edition of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-sharing Plans, Individual Retirement Accounts (IRAs), Insurance Contracts, etc., as well as new instructions, which also cover Form 5498, IRA Contribution Information. The form has only one change, which is related to the Foreign Account Tax Compliance Act (FATCA). […]

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Proposed Changes To the Puerto Rico Consumption Tax System

Understanding the Proposed Changes  To the Puerto Rico Consumption Tax System On February 11, the Governor of Puerto Rico introduced PS 1304. The intent of this bill is to fundamentally change the Puerto Rico tax system. According to the Governor, dramatic change is necessary as the current tax system is considered to be rife with […]

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IRS reiterates its ability to stop tax evasion

The IRS doesn’t just say that it will fight cross-border tax evasion – it produces results from its enforcement actions. This was one key point from an IRS release recounting the success the agency has had thus far. “The recent string of successful enforcement actions against offshore tax cheats and the financial organizations that help […]

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India requests additional time for FATCA compliance

The deadline for the first data transmission under the Foreign Account Tax Compliance Act (FATCA) is coming soon, and some countries are still scrambling to get their processes and agreements in order. India is among these jurisdictions, as it will soon try to extend its timeline for signing a formal intergovernmental agreement with the U.S. […]

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Banks facing increased scrutiny under crackdown on cross-border tax evasion

In recent years, banks across the globe have been placed under a microscope as authorities seek to curb cross-border tax evasion. Many organizations have faced penalties, fines and reputational damage as a result of this crackdown. In the latest case, one multinational bank’s operations in Switzerland helped numerous wealthy individuals evade taxes. This revelation came as […]

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